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EnerNOC Inc. reported third quarter net income of $26.6 million, marking the first quarterly profit for the eight-year-old demand management firm.
Boston-based EnerNOC’s revenue rose 134 percent year over year to $103.1 million as it upped its megawatts of power under management to 3,250, up 100 megawatts in the quarter, and signing large demand management and energy efficiency monitoring contracts with utilities on the West Coast.
“We believe that we have reached an inflection point in our business. By nearly doubling our megawatts under management over the past year and continuing to drive operational efficiencies, we were able to eclipse $100 million in quarterly revenue and generate more than a dollar per share in GAAP earnings,” said Tim Healy, EnerNOC’s Chairman and CEO in a statement.
The company expects to post a net loss of 63 cents to 71 cents but upped its yearly revenue outlook to between $187 million and $189 million from $172 million to $185 million and a narrowed net loss of 63 cents to 71 cents from 76 cents to 86 cents.
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